Bitcoin price (BTC/USD) returns above $16,000 after sharp increase on Friday

Bitcoin price (BTC/USD) returns above $16,000 after sharp increase on Friday
Written by:
Michael Harris
March 11, 2020

The Bitcoin price (BTC/USD) has gained nearly 11% in the past 24 hours, which allowed the original cryptocurrency to move above the $16,000 level for the first time since December 27.

The most valuable digital coin on the market break through the $16,000 mark thanks to a sharp price jump that occurred during today’s morning session. The Bitcoin price reached an intraday high of $16,920 before pulling back to lower levels in more recent trading. According to data from cryptocurrency tracker Coinmarketcap, the price is currently hovering around $16,500, up from yesterday’s close of $15,599.20.

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Bitcoin’s latest gains come amid a significant improvement in global market activity. According to Coinmarketcap, BTC’s 24-hour volume currently stands at near record highs of $22.7 billion. Between its numerous trading pairs, the Shanghai-based trading platform Binance captures more than a quarter of that volume. Its TRX/BTC offering alone accounts for 11% of the global market activity in Bitcoin. TRX, or Tron, has been in great demand lately and Binance is by far the most popular destination for TRX trading.

The price surge has boosted Bitcoin’s market capitalisation to just over $277 billion, which represents 35.9% of the total value of the cryptocurrency market.

In today’s trading, the Bitcoin price stood at $16,513.00, as of 15:11 GMT. The original cryptocurrency has gained 10.7% in the past 24 hours, according to Coinmarketcap.

For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.